This week, the scorecard recommends buying AUD, CAD and NZD while selling SEK, CHF and EUR (see suggested weights the PDF file below).
This week the scorecard recommends buying the three commodity currencies, mainly on the grounds that interest rates are increasingly moving in favour of these three. Last week's strong performance in EUR after the ECB meeting weighs on the single currency this week - the same holds for SEK and CHF as the scorecard looks for mean reversion in the short-term. Technical indicators are also set to hold back the swissie.
Last week's performance was not impressive: the scorecard's recommendation of JPY weighed despite it favouring the EUR which gained after the ECB dismissed rate cuts being around the corner.
To Read the Entire Report Please Click on the pdf File Below.